This Cryptocurrency Spiked 12400% In 15 Days Despite Massive Slump
A new cryptocurrency – FT (FCoin Token), has spiked 12400% from its ICO price in 15 days, despite the massive cryptocurrency slump starting from early June.
It is another token issued by a newly established crypto exchange – FCoin, like BNB of Binance, HT of Huobi and OKB of OKEx. Since early 2018, the cryptocurrency mania has been continuously fueled by the launch of these exchange tokens. These exchange tokens were snapped up in seconds upon launch and Binance’s BNB price was reportedly up over 10000% in 6 months.
Aside from its upward momentum in the token price, FCoin’s daily reward mechanism also delights its users. According to a snapshot of the account details from a FT (FCoin token) holder who holds 147,340 FTs, in a recent revenue distribution, he was distributed 19,053 ZIP, 1,708 USDT, 1.5 LTC, 0.29 BCH, 1 ETH and 0.2 BTC, that means, he gained roughly thousands of dollars on that day.
Rise to fame
On June 7th, a new cryptocurrency called FT has caught investors’ eyes for its dramatic surge from $0.16 up to an ATH of 70 cents, spiking 330% in a day.
More shockingly, its exchange FCoin, on that day, rocketed to the 1st place by ETH transaction volume surpassing all the other exchanges, and thus hit it big.
Based on its ICO price at 0.00002 ETH per FT, it has recently surged to an all-time-high 0.002479 ETH, crazily spiking 12400%.
What is FCoin
Founded by Zhang Jian, former CTO of Huobi (one of the largest crypto exchanges by trading volume), FCoin Exchange claims to be the world’s first fully transparent cryptocurrency exchange, and will distribute 80% of the revenue to FT holders. According to its whitepaper,
“For FCoin holders, trading is mining. The firm will reward more than half of its FCoin Tokens to users by returning transaction fees to them. Owners of FCoin token can share 80% of the exchange’s revenues and have the rights to participate in major community decisions.”
Every day, FCoin will distribute 80% of the platform’s revenues to FT holders, based on the FT amount they hold relative to the total circulating supply around midnight. Holders will be airdropped the rewards of all trading pairs including BTC, ETH, LTC, USDT, ZIP, FT, etc.
A flash in a pan or a dark horse
Rationally speaking, FT is rather risky considering it surge 300% in a day and almost 124x in two weeks.
Last December, Dragonex, a crypto exchange that has the similar reward mechanism as FCoin, turned out to be a flash in a pan.
Or maybe it would be the next Binance who attaches great importance to community construction. No one knows, only time will tell.
As of press time, the cumulative revenues to be distributed in today has been 2007 bitcoins, roughly worth $13 million.
FCoin’s latest income distribution details